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AJAOKUTA STEEL
The Manufacturers Association of Nigeria (MAN) has noted that the delay in the commencement of operations at the Ajaokuta Steel Company and the Aluminum Smelter Company affected the confidence level of operators in Nigeria’s iron, metal, and steel industry in the last quarter of 2024.
Nigeria’s Minister of Steel Development, Shuaib Abubakar Audu, has announced the federal government’s decision to privatise the Ajaokuta Steel Company Limited (ASCL) along with its Iron Ore Mine in Itakpe as part of efforts to kickstart operations.
The Minister of Steel Development, Shuaibu Abubakar Audu, stated that the light section mill of Ajaokuta Steel will supply around 400,000 metric tonnes of iron rods to the Ministry of Works for road construction across Nigeria upon completion.
The Federal Government has announced plans to establish a Compressed Natural Gas (CNG) park at Ajaokuta Steel Company in Kogi.
The Federal Government aims to generate approximately N35 billion for the Ajaokuta Light Steel mill by tapping into the local financial market.
The newly appointed Minister for Steel Development, Shuaibu A. Audu has revealed his intention to revive the dormant Ajaokuta Steel Company.
President Muhammadu Buhari said that reviving the Ajaokuta Steel complex through a concession will immensely benefit Nigerians
The steel company was designed to produce 5.2 million tons of various types of steel products
Despite the moribund nature, some have continued to cost the country billions of Naira, in addition to promises to start functioning and contributing to the economy.
As part of efforts to revive the long-abandoned Ajaokuta Steel company, the FG has allocated a total of N3.79 billion to the company for 2020.
A proposal to rejig the services of the long abandoned Ajaokuta Steel has been tabled before the Federal Government by MetProm Group, a Russian firm.